They were introduced in 1984 to prevent excess production and stabilise prices.

European Commissioner for Agriculture Phil Hogan said: “The abolition of the quotas will obviously always raise issues about price volatility but we continue to have market mechanisms available tools in the event of a serious crisis. There will be a new financial instrument available in all member states if they wish to draw down with the help of the European Investment Bank for the restructuring of the dairy industry.”

Small dairy farmers say they will be unable to compete. They are planning to hold a protest outside the European Parliament on Tuesday to voice their disgust at the changes.